Publication year

It is positive that the political impasse is over, but in 2017 growth will slow nevertheless. This will affect businesses with a trading relationship with Spain. That said, with economic growth of 2.2%, demand in Spain will remain relatively strong.

4 December, Italy rejected a reform that would have improved the governability the country. Renzi has resigned, but the initial market impact has been fairly muted. Paradoxically, the chance of a referendum on Eurozone membership has reduced.

The global economy has been growing at a moderate rate of around 3 per cent for many years. We expect to see similar growth figures in the coming years. But the election of Donald Trump as president of the United States has hugely raised the level of global uncertainty.